Finance: Round 2 for Allegheny?

Last May when Texans John and Clint Murchison Jr. (TIME cover, June 16) ousted Wall Street Millionaire Allan Kirby from control of Alleghany Corp., Kirby growled ominously: "The Murchison boys are way out on a limb." Last week Kirby. who still holds the biggest single block (33⅓%) of Alleghany'sl common stock, reached for his saw. In a letter to the SEC, Kirby protested the Murchisons' proposal to split and reclassify the stock of Minneapolis' Investors Diversified Services, a $4 billion mutual fund complex currently controlled by Alleghany. Kirby clearly feared that if...

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